Bitcoin is still looking to establish itself above the key resistance point at $40,000, however, it turns out that the world’s leading cryptocurrency lacks momentum for the move.
Meanwhile, other cryptocurrencies are gaining ground in the existing trading session. Ethereum is currently testing the $2,400 point, while Dogecoin has managed to settle above $0. 2050.
Yesterday, MicroStrategy announced that it plans to deploy more capital for its virtual asset strategy, meaning the company will buy more Bitcoin, however, this news had no effect on Bitcoin and it turns out that many investors have made a decision. to withdraw gains from the table near the key resistance point at $40,000.
As a result, Bitcoin Dominance, which measures Bitcoin’s market place limit as an overall market place limit, has retreated to the 48% point as some of the capital has shifted from Bitcoin to altcoins.
The Bitcoin technical symbol has been replaced in recent trading sessions. Bitcoin wants to place itself above the key resistance point at $40,000 for a chance to continue its upward move. The RSI remains close to overbought territory, but there is plenty of room to gain more ups front in case the right catalysts emerge.
A move above the $40,000 point will push Bitcoin toward resistance at the June highs at $41,300 If Bitcoin manages to settle above this point, it will gain further upward momentum and speculative investors will likely rush to buy the world’s leading cryptocurrency.
On the other hand, the nearest significant point for Bitcoin is at $38,000, however, Bitcoin remains stuck at the $40,000 point, and several attempts to gain some downward momentum have yielded no results.
A successful verification of the $38,000 will push Bitcoin towards the next point near the $36,000 EMA 50. EMA 20 is located nearby, so it is very likely that Bitcoin will get significant value near this point.
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This article was originally published on FX Empire
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